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Friday, March 9, 2012

Gold, Silver Smashed on NFP Release

Andrew Maguire's old buddies are enjoying a good laugh in a bar somewhere after performing their classic NFP release gold and silver raid this morning.In classic fashion, silver was trading at $34 (as high as $34.10) when the NFP was released, and was promptly smashed a full dollar to $33.04. Gold received the same treatment, smashed $25 from $1700 to $1675.
As is nearly always the case with such manipulative raids, silver is already spiking back up, nearing $33.50, and retracing nearly half of its losses.
With yesterday's obvious capping at $34 for silver and $1700 for gold, today's raid was about the easiest call we could make.
With Greece officially kicking the can further today, look for gold to take out $1700 and silver to take out $34.50 next week, which should result in both metals challenging their recent highs.

Gold is not recovering as vigorously as silver thus far. Look for the cartel to do everything in their power to induce a weekly close under $1700.

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